Kenya: Tax measures in budget 2022-2023

Tax-related proposals included in the budget for 2022-2023

Tax-related proposals included in the budget for 2022-2023

The Cabinet Secretary for the National Treasury on 7 April 2022 presented the budget for 2022-2023, which includes the following tax-related proposals:

  • All cash contributions to charitable tax-exempt bodies would be deductible.
  • Gains from financial derivatives such as futures, options and forwards derived from Kenya by non-residents persons would be subject to tax.
  • Microfinance institutions licensed under the Microfinance Act would be excluded from the thin capitalization rules.
  • Changes would reflect Kenya’s ratification and deposit of the Multilateral Convention for Mutual Administrative Assistance in Tax Matters, which entered into force 1 November 2020—read TaxNewsFlash
  • There are various value added tax (VAT) and excise duty changes.
  • Certain import and export levies would be reduced.

Read an April 2022 report [PDF 2.18 MB] prepared by the KPMG member firm in Kenya

 

 

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